Elevate your local knowledge

Sign up for the iNFOnews newsletter today!

Select Region

Selecting your primary region ensures you get the stories that matter to you first.

Former JPMorgan employees charged in NYC with concealing $6B trading loss

CP24504227
The front of one of the JPMorgan Chase & Co. buildings is shown during the annual meeting May 21, 2013, in Tampa, Fla. THE CANADIAN PRESS/AP, Chris O\'Meara

NEW YORK, N.Y. – Two former JPMorgan Chase & Co. employees have been charged in New York with trying to conceal the size of the investment bank’s $6 billion trading loss last year.

Javier Martin-Artajo and Julien Grout were charged with conspiracy to falsify books and records, commit wire fraud and falsify Securities and Exchange Commission filings. The charges were unsealed Wednesday in federal court in Manhattan.

Martin-Artajo supervised JPMorgan’s trading strategy in London. Grout recorded the value of the bad investments.

The trading loss in 2012 raised fresh questions as to whether Wall Street banks had learned their lessons from the financial crisis of 2008.

Federal prosecutors planned a news conference to discuss the case.

News from © The Associated Press, . All rights reserved.
This material may not be published, broadcast, rewritten or redistributed.

Join the Conversation!

Want to share your thoughts, add context, or connect with others in your community?

Create a free account

The Associated Press

The Associated Press is an independent global news organization dedicated to factual reporting. Founded in 1846, AP today remains the most trusted source of fast, accurate, unbiased news in all formats and the essential provider of the technology and services vital to the news business. More than half the world’s population sees AP journalism every day.

Related Articles